Financial Accounting Exam 1 - Chapter 1 &
2 Questions And Answers
Cash Flow- Operating Involves transactions that relate to the primary operations of the
company; providing products and services to customers
ex: rent, salaries, utilities, taxes, advertising
Cash Flow- Financing Includes tran...
regulator whose primary purpose is to establish and improve generally accepted accounting
principles (GAAP) within the United States
Name the Financial Statement and Normal Balance of the following
1. Depreciation Expense
2. Expenses
3. Revenue
4. Liability
5. Dividends 1. Income statement, Debit
2. Income statement, Debit
3. Income Statement, Credit
4. Balance Sheet, Credit
5. Stockholder's Equity, Debit
Name the Financial Statement, Normal Balance, and Category of the following
1. Common Stock
2. Prepaid Expenses
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